RATE Group | Why Today’s Weekly Close Is Crucial to Avoid $8,000s
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Why Today’s Weekly Close Is Crucial to Avoid $8,000s

24 May Why Today’s Weekly Close Is Crucial to Avoid $8,000s

Posted at 10:17h in Bitcoin News by

As the weekly close approaches Bitcoin (BTC) price made a quick move toward $9,300 after spending the past 48-hours struggling to hold above $9,200. Traders would like to see the top-ranked asset on CoinMarketCap close above the $9,300 level and earlier this week Cointelegraph contributor filbfilb cautioned that: 

If Bitcoin is unable to reclaim the levels aforementioned, the likely inevitable breakdown would be to retest the May lows and 20-week MA, currently around $8,160. Typically this is the line in the sand between continuation higher and a more meaningful bearish downturn. 

Crypto market weekly price chart. Source: Coin360

As mentioned in a previous analysis, Bitcoin price continues to bounce off the ascending channel trendline but sustaining above the 20-day moving remains a challenge. On the 4-hour chart we can see the Bollinger Bands tightening and within the last hour the price pushed above the 20-MA on a low volume move. 

BTC USDT 4-hour chart. Source: TradingView

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